UK inflation is negative for 1st time since 1960; BOE says it's temporary

London

BRITAIN'S annual rate of consumer price inflation fell below zero for the first time in more than half a century, official figures showed on Tuesday, though Bank of England (BOE) Governor Mark Carney said the dip was likely to be brief.

British finance minister George Osborne also said the drop did not amount to "damaging deflation", referring to a spiral of falling prices that hurt the economy.